Ditech Mortgage heavily advertises their Sleep EZ, $395 Flat Fee, and Equity Builder loans. Are these programs unique to Ditech Mortgage? No. These are common loan programs that are available to most mortgage brokers. Ditech simply labels them with their own catchy name and spends a lot of money to market them.
Lenders that offer low or no closing cost loans usually charge borrowers a higher interest rate. This rate will cost borrowers tens of thousands of dollars over the life of the loan.
Ditech Mortgage is also commonly referred to as Ditech Home Loans and also just simply Ditech. Anytime you work with any one mortgage company or bank you will want to make sure you talk with at least one other mortgage company as well. The reason being is because you want to insure that you are getting a fair deal. Most banks and mortgage companies only offer their specific mortgage programs versus dealing with a mortgage broker who can offer thousands of mortgage programs that are available through a slew of different lenders. This usually means lower costs, lower rates, and much bigger savings for the borrower.
Dietech mortgage has a great website with some very useful tools. However when you go online and look at the closing costs they are generally very high when compared to a local mortgage broker.
Dietech was purchase by and is now owned by GMAC. Ditech offers portfolio loans.
If you're considering a mortgage with Ditech, be sure to ask them for a Good Faith Estimate, listing their closing costs and other fees. Then give me a call at 888-418-4467 and I will see if I can put together a much better estimate for you.
Ditech Mortgage is also known as Ditech Home Loans